PUBLISHED: 17:31, Mon, Nov 30, 2020 | UPDATED: 17:31, Mon, Nov 30, 2020
The property market has experienced a boost this year despite the coronavirus pandemic putting a dampener on the market earlier this year. UK house prices have jumped to their highest in almost three years to 3.5 percent. That’s 1.2 percent higher compared to a year ago.
In July, the government put a temporary stamp duty holiday in place on properties costing up to £500,000.
Properties more than that amount are only taxed on the value exceeding £500,000.
It has been predicted that by 2021, there will be a decline in house prices as the stamp duty holiday comes to an end in March.Insurance Loans Mortgage Attorney Credit Lawyer
However, according to Zoopla, housing demand will slow in 2021 but not until after the stamp duty holiday.
READ MORE: Stamp Duty: Homebuyers face hefty bill if they don’t complete sales
House price boom 'expected to continue' into 2021 despite impending stamp duty deadline (Image: GETTY)
House price: The property boom has also led to more mortgages being approved (Image: GETTY)
By the end of 2021, house price growth will be one percent higher on average, according to the site.
Richard Donnell, director of research & insight at Zoopla, said: “It has been a rollercoaster year for the housing market which is ending on a strong note, with demand and sales agreed still more than 30 percent higher than this time last year.
“House price growth has hit a three-year high and is set to increase further in the short term.
“The high volume of sales agreed this autumn will spill over as completed sales in 2021 and this will support the overall number of sales